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With 1 July fast approaching, it is a good time to alert readers to some of the detail around the new bright-line and rollover relief rules which come into force from that date.Reduction of bright-line period to two yearsAs most readers will be aware, the..
Read ArticleOne 14 March 2024, the government released draft legislation coming good on its promise to reduce the bright-line period to two years and repeal the interest limitation rules. The highlights are as follows:Bright-lineA two-year bright-line period will apply to all property where sale occurs on..
Read ArticleToday (20 December 2023) the coalition government announced that the bright-line test will be reduced to two years from 1 July 2024. This is what Nicola Willis had to say:"Today I am announcing our immediate decision to bring the brightline test for residential property back to..
Read ArticleLots of our clients are asking GRA what is on offer from the various parties for the 2023 election, so I thought it would be useful to recap the tax changes made by Labour in their past two terms, and then canvas the different offerings..
Read ArticleThe government have made changes to two areas of legislation that affect property investors: tax (interest deduction and bright-line), and the Resource Management Act. Tax ChangesIn October the government finally introduced legislation into parliament setting out the proposed interest deduction rules. Here is a summary..
Read ArticleIn this webinar, Matthew Gilligan and Anthony Lipscombe discuss the implications of the interest deductibility and bright-line rules. Topics covered include: Interest non-deductibility and how it will affect investors Extension of the bright-line rule to 10 years Exemption of the above rules for ‘new builds’..
Read ArticleThe Government’s release of draft legislation this week was disappointing on a number of fronts. First, what was expected to be complex legislation has been successfully made nearly indecipherable. Second, it is of course disappointing that they are pressing ahead with the rules being effective..
Read ArticleEarlier this year I wrote about some of the dangers posed by the bright-line rule when restructuring. I did this because the bright-line rule is something we grapple with daily at GRA. However, there is a series of questions that come up on a regular..
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We are looking forward to working with GRA and giving our financial affairs the due diligence they deserve. It was such a pleasure meeting with GRA on Tuesday. Thankyou for spending so much time with us. We appreciated and respected the advice that you gave to us and the integrity with which it was delivered. Many thanks and kind regards - AR - July 2017
Gilligan Rowe and Associates is a chartered accounting firm specialising in property, asset planning, legal structures, taxation and compliance.
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